Anja Hochberg

We increased our equity quota at the beginning of Q4 given robust economic data, central banks that are committed to rate cuts and continued market momentum. We continue to like emerging markets both on the equity and bond side. Regarding bonds, we prefer government paper over corporate bonds given the very low risk premia

Last quarter, we took profits on our long gold call and are waiting for a new entry opportunity as inflation risks could shift to the upside given the potential increase of tariffs from the US. Our return forecasts for 2025 are going to be more moderate and will require a multi-asset portfolio to be very granular and to open up to new asset classes.

On the Edge: The Art of Risking Everything, Nate Silver